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In an attempt to regulate the activity, transactions and operations of non-banking entities, the Government of Romania, following the suggestions of the National Bank of Romania (NBR), took the initiative to enact Government Ordinance 28/2006 on the regulation of financial-fiscal measures, the Provisions on Lending Activity Carried out by Non-banking Financial Institutions (NBFIs), as further amended (GO 28/2006). GO 28/2006 imposed on the NBR the obligation to issue at a later stage specific norms laying down rules for the transposition and implementation of its provisions.

2008 has clearly been very different to other years for law firms' M&A departments. A new fact has arisen to frustrate parties to big investments and important M&A transactions in a variety of economic sectors. In fact, regarding international acquisition bids, many transactions have collapsed even after the issuance of binding offers. This is mainly due to the inability of potential investors to raise funds.

Republic Act 95101, otherwise known as the Credit Information System Act, was signed into law by President Gloria Macapagal-Arroyo on October 31 2008.

The Dutch Authority for the Financial Markets (AFM) announced on September 21 2008 a prohibition on short selling, as well as a request to disclose certain short positions to the AFM with regard to specific financial undertakings. Initially, only naked short selling was prohibited. As of October 5 2008, covered short selling also became subject to this ban.

In accordance with Croatia's pre-accession obligations, the Croatian Parliament enacted the new Capital Market Act in July 2008 (New Act). It will enter into force on January 1 2009, bringing with it significant changes to existing capital market regulation. The EU standards and the acquis communautaire have been reflected in it. However, the legal effect of some provisions, such as those pertaining to the freedom to provide services, has been postponed until Croatia's accession to the EU.

Malaysia's market regulator, the Securities Commission (SC), along with the Central Bank, known as Bank Negara Malaysia (BNM), recently introduced a host of measures seeking to add both depth and variety to the Malaysian debt capital markets.

Effective on January 1 2009, a new Law on Personal Income Tax (New PIT law) for the Federation of Bosnia and Herzegovina (FBiH) was adopted in April 2008. The New PIT Law will have a direct impact on the taxation of personal income in the FBiH and an indirect impact on labour regulations.

In Japanese structured finance transactions, limited liability chukan hojin (yugen-sekinin-chukanhojin) have been used as parent companies holding the voting interests of special purpose vehicles (SPVs), the latter holding the assets underlying the transactions: that is, they function as Cayman charitable trusts for Cayman SPVs. On December 1 2008, the Shadanhojin Act (Ippan Shadanhojin-Ippan Zaidanhojin Hou) will take effect, and the law governing the chukan hojin will be repealed. Accordingly, existing limited liability chukan hojin will automatically turn into ippan shadanhojin.

The Commission needs to be stronger

A political but impressively fast plan